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Fed News   Fed announcement: Oct. 29, 2008
  The Federal Reserve's Open Market Committee cut the federal funds rate today.  
  When will today's decision hit your wallet?  
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Table of contents

Breaking Fed news
 
The Fed continues to slash rates, deciding today to cut the federal
funds rate 50 basis points, to 1 percent. What does it mean for you?
 
Fed announces a half point cut
The Fed's decision will likely affect your pocketbook. What does the decision mean? Read on
Winners and losers
Do the Federal Reserve's actions make you a winner or a loser? Read on
How soon will the rate cut hit you?
Here's how quickly the interest rates on mortgages, home equity loans, auto loans, credit cards, and interest earned on CDs, will change. Read on
Smart steps to take after the Fed cut
Is now the time to buy a car? To go after a home equity line? Lock in a long-term CD? Read on
Glossary
Get help understanding some economic lingo such as GDP, PCE, monetary policy and more. Read on

The Federal Open Market Committee
The rate-setting Federal Open Market Committee meets at least eight times a year. Its members include the Board of Governors of the Federal Reserve System, the president of the Federal Reserve Bank of New York and a rotating selection of presidents of the other 11 reserve banks. Its members are:
  • Ben S. Bernanke, Board of Governors, chairman
  • Timothy F. Geithner, New York, vice chairman
  • Richard W. Fisher, Dallas
  • Donald L. Kohn, Board of Governors
  • Randall S. Kroszner, Board of Governors
  • Sandra Pianalto, Cleveland
  • Charles I. Plosser, Philadelphia
  • Gary H. Stern, Minneapolis
  • Kevin M. Warsh, Board of Governors
  • Elizabeth A. Duke, Board of Governors
    		•

    Bankrate.com's corrections policy -- Posted: Oct. 29, 2008
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    TABLE OF CONTENTS
      Fed cuts rates half point
      Fed cut winners and losers
      How soon will it hit you?
      Smart money moves
      Glossary
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    NATIONAL OVERNIGHT AVERAGES
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    2 yr CD 3.98%
    5 yr CD 4.42%
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